Property News · February 15, 2014

Cashless society – why there's no pain or gain from a plastic future


Cash purchases create a tight coupling between consumption and payment, and offers the best form of budgetingAfter four days in Iceland I realised something very odd. I hadn’t reached into my wallet to get out a single krona note. Even the coat check at a nightclub in Reykjavik breezily handed over a payment machine for the 250ISK (£1.30) fee. The buses don’t take cash; taxis assume you are paying by card; coffee shops expect you to wave the plastic for the merest Americano. Iceland is on the way to becoming the first cashless society in the world, although Sweden is giving it a run for its money, so to speak.The End of Cash has been predicted for some time, and there’s a mild thrill to the idea of visiting a foreign country and never having to go to a cash machine or change money at an expensive bureau de change. But how far and how quickly do we really want to follow the Nordics down this particular path? Continue reading…

Source : theguardian.com
Read more…Cashless society – why there’s no pain or gain from a plastic future

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